Most Israelis Don't Negotiate Bank Fees or Shop Around
A recent survey conducted at Tel Aviv University reveals that a significant majority of Israelis do not actively engage with their banks regarding fees or explore alternative options. The study found that 67% of respondents have never checked if another bank could offer them better terms, and 55% have never attempted to negotiate their bank's commission fees. These figures remained largely consistent even for those who receive monthly SMS notifications detailing their bank charges.
The primary driver for choosing a bank among Israelis is not the range of services or the quality of customer care, but rather recommendations from relatives, cited by 47% of participants. In stark contrast, only 3% of respondents chose their bank based on favorable deposit rates.
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